SBR

Listed Company · UPCOM

Price

8,300

Latest close

24 Feb 2026

P/E -133.9x

EPS (TTM) -62

ROE (TTM) 4.7%

P/B 0.8x

BVPS (Latest) 10,000

ROA (TTM) 3.6%

What Is Changing

SBR no longer looks like a business simply rebounding from a weak base. Revenue posted +21.6% YoY, while net margin reached 12.00% with an additional -5.5pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Margin fell below its recent low, compressing 387bps to 12.00% in 2025.
Net Income fell to a multi-period low at VND 39.2bn in 2025.
Revenue growth accelerated to 21.5% in 2025, up 12.5pp versus the prior year.

Metric	2025	2024	2023	2022	2021
Revenue	326.3	268.5	246.2	246.9	251.5
Growth	+22%	+9%	-0%	-2%	—
Net Income	39.2	46.9	55.6	39.2	59.2
Net Margin	12.00%	17.45%	22.59%	15.87%	23.52%

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Revenue	106.2	100.3	19.4	100.5	87.8	105.2	62.2	13.2	92.0	84.0	69.0	1.2
Growth	+6%	+418%	-81%	+14%	-17%	+69%	+371%	-86%	+9%	+22%	+5657%	—
Net Income	17.3	-5.6	4.2	22.4	35.4	17.4	0.1	1.4	70.1	-4.3	-11.6	0.7
Net Margin	16.29%	-5.56%	21.82%	22.24%	40.36%	16.54%	0.08%	10.86%	76.24%	-5.15%	-16.85%	60.84%

Financial Statements

Profitability

Net margin reached 12.00% while Revenue posted +21.6% YoY.

Balance Sheet

Inventory stood at 33.9bn, liabilities at 257.4bn, and equity at 814.0bn.

Cash Flow

Operating cash flow was 71.0bn in 2025, while investing cash flow was -107.7bn.

Financing cash flow: -12.9bn.

Item	2025	2024	2023	2022	2021
Revenue	326.3	268.5	246.2	246.9	251.5
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	326.3	268.5	246.2	246.9	251.5
Cost of Goods Sold	294.7	228.2	218.7	215.1	0.0
Gross Profit	31.7	40.3	27.5	31.8	39.6
Financial Income	33.0	25.3	27.7	18.3	14.3
Financial Expenses	4.8	5.0	4.3	5.3	-0.0
Interest Expense	0.0	0.0	0.0	0.0	-0.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	0.2	0.2	0.2	0.2	-0.2
General and Administrative Expenses	19.2	19.7	23.5	54.0	-26.0
Operating Profit	40.4	40.6	27.1	-9.3	27.7
Other Income	6.1	21.3	42.6	129.3	0.0
Other Expenses	0.2	5.8	2.5	72.5	0.0
Other Profit	5.9	15.5	40.1	56.8	45.2
Profit Before Tax	46.3	56.1	67.2	47.5	72.8
Current Income Tax Expense	7.1	9.2	12.1	8.3	-13.6
Deferred Income Tax Expense	0.0	0.0	-0.5	0.0	0.0
Net Income	39.2	46.9	55.6	39.2	59.2
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	39.2	46.9	55.6	39.2	59.2
Earnings per Share	131.00	158.00	219.00	186.00	336.00
Diluted EPS	131.00	158.00	219.00	186.00	726.88

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	602.7	535.9	487.2	375.1	278.3
I. Cash and cash equivalents	20.4	70.0	188.0	210.9	156.2
1. Cash	20.4	10.0	18.0	19.4	0.0
2. Cash equivalents	—	60.0	170.0	191.5	0.0
II. Short-term financial investments	520.0	372.8	237.4	100.0	0.0
1. Available for sale securities	—	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0	0.0
3. Held to maturity investments	520.0	372.8	237.4	100.0	0.0
III. Short-term receivables	28.3	40.4	42.4	30.7	41.5
1. Short-term trade accounts receivable	—	15.7	29.4	18.0	0.0
2. Short-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	10.0	10.0	0.0	0.0	0.0
6. Other short-term receivables	18.3	14.7	13.0	12.7	0.0
7. Provision for short-term doubtful debts (*)	—	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	33.9	52.6	19.5	33.5	30.4
1. Inventories	33.9	52.6	19.5	33.5	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	0.0	0.1	0.0	0.0	0.2
1. Short-term prepayments	0.0	0.1	0.0	0.0	0.0
2. Value added tax to be reclaimed	—	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	—	0.0	0.0	0.0	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	468.6	506.8	544.8	627.9	770.1
I. Long-term receivables	5.0	5.0	5.0	22.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	55.0
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	17.0	0.0
6. Other long-term receivables	5.0	5.0	5.0	35.5	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	-30.5	0.0
II. Fixed assets	259.8	295.2	312.3	368.7	416.1
1. Tangible fixed assets	259.8	295.2	312.3	368.7	416.1
- Cost	499.0	506.2	490.0	546.0	0.0
- Accumulated depreciation	-239.1	-211.0	-177.7	-177.4	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
III. Investment properties	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	39.9	32.1	53.3	51.1	45.7
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	39.9	32.1	53.3	51.1	0.0
V. Long-term financial investments	15.0	22.0	17.0	15.0	8.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0	0.0
3. Investments in other entities	—	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0	0.0
5. Held to maturity investments	15.0	22.0	17.0	15.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	148.9	152.5	157.3	171.1	0.0
1. Long-term prepayments	148.5	152.0	156.8	171.1	0.0
2. Deferred income tax assets	0.5	0.5	0.5	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	245.4
5. Goodwill	—	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	1,071.3	1,042.7	1,032.1	1,002.9	1,048.5
A. LIABILITIES (300=210+330)	257.4	228.8	218.1	189.0	234.4
I. Short -term liabilities	257.4	228.8	203.9	177.3	214.8
1. Short-term trade accounts payable	4.8	2.4	4.8	5.2	3.4
2. Short-term advances from customers	0.3	0.3	0.7	2.3	2.4
3. Taxes and other payables to state authorities	70.8	29.4	36.2	25.8	0.0
4. Payable to employees	28.0	41.3	24.2	25.9	0.0
5. Short-term acrrued expenses	0.2	0.1	0.1	0.1	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0	0.0	0.0
9. Other short-term payables	2.1	6.8	11.5	11.7	0.0
10. Short-term borrowings and financial leases	—	0.0	0.0	0.0	0.0
11. Provision for short-term liabilities	2.3	2.4	0.0	0.0	0.0
12.. Bonus and welfare fund	148.8	146.0	126.4	106.2	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	—	0.0	14.2	11.6	19.6
1. Long-term trade payables	—	0.0	11.6	11.6	11.6
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	0.0	0.0
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.0	0.0	0.0	0.0
11. Deferred income tax liabilities	—	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	2.5	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	814.0	814.0	814.0	814.0	814.0
I. Owner's equity	814.0	814.0	814.0	814.0	0.0
1. Owner's capital	814.0	814.0	814.0	814.0	814.0
- Common stock with voting right	814.0	814.0	814.0	814.0	814.0
- Preferred stock	—	0.0	0.0	0.0	0.0
2. Share premium	—	0.0	0.0	0.0	0.0
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0
5. Treasury shares	—	0.0	0.0	0.0	0.0
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	—	0.0	0.0	0.0	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	—	0.0	0.0	0.0	0.1
- Accumulated retained earning at the end of the previous period	—	0.0	0.0	0.0	0.0
- Undistributed earnings in this period	—	0.0	0.0	0.0	0.1
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	1,071.3	1,042.7	1,032.1	1,002.9	1,048.5

Item	2025	2024	2023	2022	2021
Profit Before Tax	—	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	—	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	—	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	—	0.0	0.0	0.0	0.0
Interest Expense	—	0.0	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	—	0.0	0.0	0.0	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	—	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-9.2	-12.1	-4.4	-13.4	0.0
Other Operating Receipts	30.7	32.4	40.0	47.0	0.0
Other Operating Payments	-144.9	-152.4	-125.7	-152.2	0.0
Net Cash Flow from Operating Activities	71.0	17.3	53.8	70.2	77.5
Payments for Fixed Assets and Other Long-term Assets	-2.9	-9.4	-12.5	-11.1	-3.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	7.1	18.2	41.5	35.5	1.6
Loans and Purchases of Debt Instruments	—	0.0	0.0	0.0	-50.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0	0.0
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	27.8	0.0
Dividends and Interest Income Received	28.4	24.2	27.3	16.9	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-107.7	-117.5	-66.1	-4.9	-43.8
Proceeds from Equity Issuance and Capital Contributions	—	0.0	0.0	0.0	0.0
Share Repurchases	—	0.0	0.0	0.0	0.0
Proceeds from Borrowings	10.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	-10.0	0.0	0.0	0.0	0.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-12.9	-17.9	-10.6	-10.6	-26.5
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-12.9	-17.9	-10.6	-10.6	-26.5
Net Cash Flow During the Period	-49.6	-118.0	-22.9	54.7	46.8
Cash and Cash Equivalents at Beginning of Period	70.0	188.0	210.9	156.2	149.0
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	20.4	70.0	188.0	210.9	156.2

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Revenue	106.2	100.3	19.4	100.5	87.8	105.2	62.2	13.2	92.0	84.0	69.0	1.2
Revenue Deductions	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	106.2	100.3	19.4	100.5	87.8	105.2	62.2	13.2	92.0	84.0	69.0	1.2
Cost of Goods Sold	103.4	101.5	19.8	70.8	59.7	90.2	66.8	11.2	50.0	81.3	85.1	0.2
Gross Profit	2.8	-1.2	-0.5	29.6	28.1	15.0	-4.6	2.0	41.9	2.7	-16.0	1.0
Financial Income	17.5	0.0	15.2	0.3	9.9	2.2	10.0	3.4	12.4	-0.1	11.1	2.9
Financial Expenses	-0.5	2.5	2.5	0.4	1.0	1.8	1.8	0.4	0.2	1.9	2.0	0.0
Interest Expense	—	—	0.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Share of Associates and Joint Ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	0.1	0.1	—	0.1	0.1	0.1	0.0	0.0	0.1	0.1	0.0	0.0
General and Administrative Expenses	6.2	3.3	8.3	1.5	7.4	1.8	4.7	3.2	8.7	4.6	5.0	4.4
Operating Profit	14.5	-7.1	4.0	27.9	29.5	13.6	-1.1	1.8	45.3	-3.9	-12.0	-0.6
Other Income	9.2	0.3	0.1	—	32.4	0.5	1.8	0.0	71.4	0.0	0.6	2.1
Other Expenses	3.4	0.1	0.1	0.0	18.8	-5.0	1.0	0.0	35.2	0.4	0.4	0.6
Other Profit	5.8	0.1	-0.0	-0.0	13.6	5.5	0.8	-0.0	36.2	-0.4	0.2	1.5
Profit Before Tax	20.3	-6.9	3.9	27.9	43.0	19.0	-0.3	1.8	81.4	-4.3	-11.8	0.9
Current Income Tax Expense	3.0	-1.4	-0.3	5.6	7.6	1.6	-0.4	0.4	11.3	0.0	-0.2	0.2
Deferred Income Tax Expense	-0.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	17.3	-5.6	4.2	22.4	35.4	17.4	0.1	1.4	70.1	-4.3	-11.6	0.7
Non-controlling Interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	17.3	-5.6	4.2	22.4	35.4	17.4	0.1	1.4	70.1	-4.3	-11.6	0.7
Earnings per Share	-116.00	-68.00	52.00	70.00	18.00	213.78	0.63	17.62	398.00	-54.00	-142.88	8.96
Diluted EPS	-116.00	-68.00	52.00	70.00	158.00	213.78	0.63	17.62	398.00	-54.00	-142.88	8.96

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	601.7	547.8	526.6	516.6	534.7	454.7	456.5	461.7	484.9	380.5	363.4	367.3
I. Cash and cash equivalents	20.4	20.6	13.3	18.1	70.0	153.6	146.0	140.8	188.0	185.1	179.5	171.9
1. Cash	20.4	20.6	13.3	18.1	10.0	23.6	16.0	10.8	18.0	15.1	9.5	10.4
2. Cash equivalents	—	—	—	—	60.0	130.0	130.0	130.0	170.0	170.0	170.0	161.5
II. Short-term financial investments	520.0	480.0	460.0	452.8	372.8	272.9	247.9	247.4	236.5	166.5	126.5	105.0
1. Available for sale securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	520.0	480.0	460.0	452.8	372.8	272.9	247.9	247.4	236.5	166.5	126.5	105.0
III. Short-term receivables	28.3	23.2	24.8	45.3	39.3	24.6	42.0	31.6	40.7	22.2	32.3	25.8
1. Short-term trade accounts receivable	—	—	1.1	15.2	15.7	0.0	1.3	13.6	28.2	0.0	0.5	7.5
2. Short-term prepayments to suppliers	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Short-term inter-company receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	10.0	—	—	10.0	10.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	18.3	23.2	26.4	20.1	13.5	24.6	40.7	18.0	12.5	22.2	31.8	18.3
7. Provision for short-term doubtful debts (*)	—	—	-2.7	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	32.9	24.0	28.4	0.0	52.6	3.6	20.5	41.9	19.5	6.4	24.6	63.3
1. Inventories	32.9	24.0	28.4	0.0	52.6	3.6	20.5	41.9	19.5	6.4	24.6	63.3
2. Provision for decline in value of inventories	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	0.0	0.1	0.0	0.3	0.1	0.0	0.0	0.0	0.2	0.3	0.5	1.3
1. Short-term prepayments	0.0	0.1	0.0	0.1	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.1
2. Value added tax to be reclaimed	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	—	—	—	0.3	0.0	0.0	0.0	0.0	0.2	0.3	0.5	1.3
4. Government bonds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	468.7	487.5	489.7	497.0	506.9	525.1	530.1	536.2	544.3	580.4	590.7	603.7
I. Long-term receivables	5.0	5.0	5.0	5.0	5.0	5.0	5.0	5.0	5.0	5.0	7.0	10.0
1. Long-term trade receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	2.0	5.0
6. Other long-term receivables	5.0	5.0	5.0	5.0	5.0	5.0	5.0	5.0	5.0	35.5	35.5	35.5
7. Provision for long-term doubtful debts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	-30.5	-30.5	-30.5
II. Fixed assets	259.8	268.9	276.9	286.0	295.2	304.4	313.1	303.5	312.3	350.5	359.1	372.2
1. Tangible fixed assets	259.8	268.9	276.9	286.0	295.2	304.4	313.1	303.5	312.3	350.5	359.1	372.2
- Cost	—	—	—	—	506.2	508.8	508.6	490.0	490.0	555.7	555.1	559.0
- Accumulated depreciation	—	—	—	—	-211.0	-204.4	-195.5	-186.5	-177.7	-205.2	-196.0	-186.8
2. Financial leased fixed assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	39.9	41.5	35.2	32.6	32.1	38.6	35.4	54.8	53.3	49.8	45.8	39.1
1. Long-term production in progress	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	39.9	41.5	35.2	32.6	32.1	38.6	35.4	54.8	53.3	49.8	45.8	39.1
V. Long-term financial investments	15.0	22.0	22.0	22.0	22.0	22.0	17.0	17.0	17.0	15.0	15.0	15.0
1. Investments in subsidiaries	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	15.0	22.0	22.0	22.0	22.0	22.0	17.0	17.0	17.0	15.0	15.0	15.0
6. Other long-term investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	149.0	150.2	150.6	151.3	152.5	155.2	159.5	155.9	156.8	160.1	163.8	167.4
1. Long-term prepayments	148.5	149.7	150.1	150.9	152.1	154.7	159.0	155.4	156.8	160.1	163.8	167.4
2. Deferred income tax assets	0.5	0.5	0.4	0.5	0.5	0.5	0.5	0.5	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	1,070.4	1,035.3	1,016.3	1,013.6	1,041.6	979.8	986.6	998.0	1,029.2	960.9	954.1	971.0
A. LIABILITIES (300=210+330)	256.4	200.4	175.7	199.6	227.7	165.9	172.6	184.0	215.2	162.1	151.0	157.0
I. Short -term liabilities	256.4	200.4	175.7	199.6	227.7	165.9	158.6	169.8	203.6	150.4	139.4	145.4
1. Short-term trade accounts payable	4.8	7.4	7.6	1.9	2.4	2.4	13.1	1.6	4.8	5.2	5.8	2.9
2. Short-term advances from customers	0.3	3.0	0.8	1.4	0.3	1.4	2.0	2.9	0.7	5.3	4.9	2.4
3. Taxes and other payables to state authorities	71.6	27.1	18.6	31.2	28.3	26.4	4.7	25.6	34.6	17.7	10.0	15.7
4. Payable to employees	28.0	28.7	10.5	5.1	41.3	8.6	8.6	4.5	24.2	7.6	9.0	4.3
5. Short-term acrrued expenses	0.2	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.0
6. Short-term inter-company payables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.8	0.2	0.5	0.0	0.3	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	1.5	1.9	3.6	5.3	6.8	8.1	11.1	13.4	12.8	17.3	8.2	14.0
10. Short-term borrowings and financial leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Provision for short-term liabilities	2.4	2.2	2.3	2.3	2.4	2.4	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	147.7	129.2	132.1	151.8	146.0	116.1	119.1	121.5	126.4	97.2	101.5	106.1
13. Price stabilization fund	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	—	—	—	—	0.0	0.0	14.1	14.2	11.6	11.6	11.6	11.6
1. Long-term trade payables	—	—	—	—	0.0	0.0	11.6	11.6	11.6	11.6	11.6	11.6
2. Long-term advances from customers	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Convertible bonds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Deferred income tax liabilities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	—	—	—	0.0	0.0	2.4	2.5	0.0	0.0	0.0	0.0
13. Fund for technology development	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	814.0	835.0	840.5	814.0	814.0	814.0	814.0	814.0	814.0	798.9	803.1	814.0
I. Owner's equity	814.0	835.0	840.5	814.0	814.0	814.0	814.0	814.0	814.0	798.9	803.1	814.0
1. Owner's capital	814.0	814.0	814.0	814.0	814.0	814.0	814.0	814.0	814.0	814.0	814.0	814.0
- Common stock with voting right	814.0	814.0	814.0	814.0	814.0	814.0	814.0	814.0	814.0	814.0	814.0	814.0
- Preferred stock	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Share premium	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Convertible bond option	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Assets revaluation differences	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Fund to support corporate restructuring	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	—	21.0	26.6	—	0.0	0.0	0.0	0.0	0.0	-15.1	-10.9	0.0
- Accumulated retained earning at the end of the previous period	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Undistributed earnings in this period	—	21.0	26.6	—	0.0	0.0	0.0	0.0	0.0	-15.1	-10.9	0.0
12. Reserves for investment in construction	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Financial reserves	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	1,070.4	1,035.3	1,016.3	1,013.6	1,041.6	979.8	986.6	998.0	1,029.2	960.9	954.1	971.0

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Profit Before Tax	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	0.0	0.0	0.0	-9.2	0.0	0.0	-2.1	-10.0	0.0	0.0	0.0	-4.4
Other Operating Receipts	—	—	—	—	28.2	-3.1	8.5	-1.1	21.0	10.4	5.4	3.2
Other Operating Payments	-65.7	-27.9	-18.9	-32.4	-61.6	-28.1	-31.3	-21.5	-60.1	-20.4	-24.5	-20.7
Net Cash Flow from Operating Activities	13.2	47.0	-16.8	27.5	33.7	49.5	21.3	-43.0	23.2	46.4	32.3	-48.1
Payments for Fixed Assets and Other Long-term Assets	0.7	-2.9	-0.5	-0.3	-14.2	-13.9	-1.7	-0.2	-9.8	-1.7	-0.2	-0.9
Proceeds from Disposal of Fixed Assets and Long-term Assets	7.0	-15.6	15.8	—	5.0	-0.1	1.7	0.0	41.5	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Investments in Other Entities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	21.9	-1.0	6.6	0.9	15.6	1.5	2.3	6.0	21.0	-1.2	4.6	2.9
Increase/(Decrease) in Term Deposits	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-13.4	-39.5	24.7	-79.4	-104.2	-42.0	1.7	-4.2	-20.2	-40.8	-14.1	9.0
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Share Repurchases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Borrowings	0.0	0.0	10.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	0.0	0.0	-10.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Finance Leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	0.0	-0.2	-12.7	—	-13.1	0.0	-17.9	0.0	0.0	0.0	-10.6	0.0
Other Financing Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	0.0	-0.2	-12.7	—	-13.1	0.0	-17.9	0.0	0.0	0.0	-10.6	0.0
Net Cash Flow During the Period	-0.2	7.3	-4.8	-51.9	-83.6	7.5	5.2	-47.2	2.9	5.6	7.6	-39.0
Cash and Cash Equivalents at Beginning of Period	20.6	13.3	18.1	70.0	188.0	188.0	188.0	188.0	210.9	210.9	210.9	210.9
FX Difference from Revaluation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	20.4	20.6	13.3	18.1	70.0	153.6	146.0	140.8	188.0	185.1	179.5	171.9

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SBR

What Is Changing

Financial Statements

Profitability

Balance Sheet

Cash Flow

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